I think most people will agree that a made to measure suit or dress feels much better than one bought 'off the peg.'
Despite the increase in retailers, sizes and styles available on the high street the fact that someone has taken the time to review your personal requirements and designed the right product to fit your specific needs definitely makes all the difference.
This can also be said for networks and the levels of service they offer. Some offer a standard package with no frills which is fine if that’s what suits your business and your budget.
Some offer a more personalised service designed to suit your business and respond to market changes. This is often an important consideration for a broker when deciding which regulation route they choose. Do you become Directly Authorised which offers freedom and independence or join a network which offers protection and support?
In today’s climate it’s vital that networks are flexible enough to accommodate broker needs and provide support where needed. Market forces have left many of the traditional 'mortgage brokers' looking at new markets such as protection and general insurance which offer additional income streams and can help then retain clients.
Networks that provide training and guidance on how to sell and why to sell these types of products will reap the benefits and justify their membership fees. Communication and regular contact is also important if the brokers are to keep track of what is going on when.
Back on the road
I am writing this month’s article from the comfortable surroundings of the Hilton Birmingham Metropole which is the venue of our third Annual Conference.
Taking an hour out of our busy preparations has not been easy but, it has given me the time to contemplate the subjects our brokers will want to discuss. The credit crisis? Training and competence? Treating Customers Fairly? Protection? Product withdrawals?
Like every major conference or exhibition, it takes considerable time and effort to plan and prepare for an event of this size. But with over 250 brokers attending its vital that the agenda includes presentations that will be of real benefit and add value to the broker and their business. In today’s climate, it’s also important to provide the answers or the guidance to the important questions.
Reading the industry press I see a number of networks advertising roadshows, designed to attract new recruits but not as many offering development workshops or conferences focused on developing relationships with existing Appointed Representatives.
Whilst I appreciate that roadshows are important, I would question their worth to existing Appointed Representatives who have already committed to a network.
Successful mortgage networks have always understood that each and every broker firm is different. The support that one firm needs is as individual as a tailor made suit.
f you are Directly Authorised or your ‘high street’ network is just not fitting as well as it should then maybe it’s time to think about moving somewhere that can provide a more ‘tailored’ service.
